Bitcoin Miner Pow.re Launches Paraguay Mining Facility, Asics Buys

B. Ali
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Pow.re Holdings Limited (“Pow.re” or the “Company”), a Bitcoin miner, is pleased to announce the start of construction on two new mining facilities in Asunción, Paraguay. Pow.re is a pioneer in sustainable proof-of-work mining.

With these two new facilities, the company will have access to 12 megawatts of hydroelectric power. The first area is expected to be operational in Q4 2022, with the second area completed in Q1 2023. The company’s goal of reaching 0.5 exahash per second (0.5 EH/s) hashing power by Q2 2023 will be significantly boosted by the Paraguay expansion.

According to Mike Blais-Cohen, co-founder and CEO of Pow.re:

“we are very pleased to have begun construction on our two first data centers in Paraguay and are on track to begin our digital mining operations there later this quarter.”

Pow.re Starts Building a Mining Facility in Paraguay

On October 13, cryptocurrency miner Pow.re Holdings Limited announced that work on two new bitcoin mining facilities in Paraguay had begun. The first site is expected to be operational by the end of the fourth quarter of 2022, and the second site by the beginning of 2023.

The new data centers will manage approximately 12 MW of hydroelectric electricity, as previously stated.

According to the company, the expansion will significantly increase the hashpower of its operations. Furthermore, it aims to achieve 0.5 exahashes per second (EH/s) by the second quarter of 2023. It should be noted that the Mohawk Council of Kahnawake in Quebec was reportedly looking for electricity for potential crypto mining, which drew attention to Pow.re.

According to the paper, Pow.re was collaborating with Kahnawake council members. The most recent growth in Paraguay, according to SJ Oh, co-founder and COO of Pow.re, was the result of “two years of due research” that eventually paid off. Proof-of-work protocols, according to Pow.re’s co-founder, have the potential to act as synthetic batteries for stranded renewable energy sources. Meanwhile, the company is looking forward to assisting in the spread of renewable energy sources.

Company Purchases 3,600 Whatsminer Mining Rigs for Micro Bitcoin

As previously stated, the company has begun construction of two mining facilities in the Asunción area of Paraguay and has also acquired 3,600 Microbt Whatsminer mining machines. Asunción should receive the Microbt devices by the end of October.

The expected hashrate from the rigs for Pow.re is 396 petahashes per second (PH/s). Meanwhile, Whatsminer co-founder Ian Descôteaux claims that the company’s models are well-known for their dependability.

Regulation of Crypto Mining in Paraguay

It is worth noting that major cryptocurrency mining companies are considering establishing a cryptocurrency business in Paraguay due to its low power prices. As a result, lawmakers in Paraguay believe their country has the potential to become a center for the cryptocurrency industry. 
Surprisingly, in July, the Paraguayan legislature passed a law that would have established a clear tax and regulatory framework for miners to operate legally in the country. President Benitez of Paraguay, on the other hand, has rejected it, claiming that mining consumes a lot of energy.
Following that, lawmakers in Paraguay decided to disregard the president’s veto of a key Bitcoin mining regulation on September 28. On the other hand, Bitfarms, a Canadian mining firm, announced this year that it was expanding into the country on a 5-license with a yearly purchase agreement to guarantee 10 MW of green hydropower.

About B. Ali PRO INVESTOR

Live webinar speaker and derivatives (Forex, Crypto, and Indices) analyst with a broad range of skills for evaluating financial data, investment trends, technical analysis, fundamental analysis, and the best ways to strategies investment selection.  Expertise: Trading Psychology; Speculative Positioning & Market Sentiment; Technical & Fundamental Analysis.